Inspiration: Program Sharing Knowledge
In 2010 the Nederlandse Beroepsorganisatie van Accountants (NBA) started Program Sharing Knowledge, designed to identify and capture information on structural risks across entire sectors by making use of auditors’ expertise. Inspired by the success of Program Sharing Knowledge, the Audit and Assurance Faculty have developed Audit Insights and our own Sector Report process to harness the expertise of auditors in the UK.
Cyber security and data analytics
Coping with the substantial gap in cyber security
- Jun 2018
- PDF (197kb)
This is the fifth in the series of Audit insights: cyber security reports. It focuses on the substantial gap in cyber security maturity levels caused by complex legacy IT environments and how business needs to adopt a smarter approach to cyber security laws and standards.
The impact of data analytics on business
- May 2017
- PDF (1,261kb)
Audit insights: data analytics describes external auditor insights into the impact of data analytics on the businesses they audit, and provides management with a high-level approach.
Taking control of the cyber security agenda
- Oct 2016
- PDF (1,492kb)
Businesses are struggling to turn general awareness and concern into effective action. In this report, we urge businesses to show more urgency and take control of their cyber agenda.
Closing the cyber gap
- Dec 2015
- PDF (1,510kb)
In this cyber security report, we examine the approaches companies and boards should take to ensure systems are secure, and to manage the impact of breaches.
Growing gap between business and cyber attacker capabilities
- Jan 2015
- PDF (1,496kb)
This report raises specific cyber issues around the area of cyber threats and the extent of board awareness. It reveals that an increasing gap between business and cyber attacker capabilities exists and good intentions must be matched by action.
Opportunities and risks around digital infrastructure
- Nov 2013
- PDF (696kb)
Audit insights: cyber security report highlights four key issues: businesses should consider cyber in all their activities; businesses need to accept that their security will be compromised; businesses should focus on their critical information assets; and how most businesses don't get the basics right.
Financial services
Audit insights: investment management
- Thought leadership report
- Jul 2018
More than half of people aged 21–30 have no pension or make minimum contributions. Despite this, investment managers are not successfully encouraging people to save. In this Audit insights report, external auditors and ICAEW specialist staff explore whether the investment management industry is fit for purpose and use their expert knowledge to identify what changes need to be made.
Improving annual reports
- Thought leadership report
- Mar 2016
- PDF (2,731kb)
This report highlights seven factors to provide high-quality non-financial reporting. From using credible alternative performance measures, to explaining the reasons for high executive pay and making tax explanations understandable, these recommendations will help make annual reports more coherent, balanced and relevant.
Audit insights: corporate reporting (short guide)
- Thought leadership report
- Dec 2015
- PDF (916kb)
For those who are time poor, this is a short guide that highlights the seven important questions that financial directors, audit committee members and auditors should be asking in order to produce reports that communicate clearly and improve accountability.
Audit insights: insurance
- Report
- Jan 2016
- PDF (2,170kb)
Long term trends shaping insurance are examined in this report. Specifically; how will stakeholders react if better data capabilities mean more people are uninsurable, and what if non-insurers develop better data analysis? Could the growth in unadvised sales raise mis-selling risk, and how do insurers secure investment returns in a low interest rate environment?
Long-term challenges faced by banks
- Thought leadership report
- Oct 2013
- PDF (640kb)
Audit insights: banking highlights four long-term challenges that banks still face. These relate to: cultural change; the potential need to rethink banks’ business models; challenges in determining measures to assess banks’ financial strength and performance; and demands for major IT investment.
Industry sectors
Audit insights on construction: bidding for lasting value, delivering for success
- Thought leadership report
- Mar 2019
When construction companies and clients get it right – through project selection based on their ability to deliver, responsible tendering, diligent monitoring, and a proactive attitude to deal with issues such as cost and timetable overruns – they create contracts that are more profitable and provide more enduring value to society.
Audit insights: charities - positive impacts in challenging times
- Thought leadership report
- May 2017
Charities play a significant role in the fabric of our national life, but they are being scrutinised more closely than ever. In this Audit insight, ICAEW has collated the expert knowledge of external auditors and ICAEW specialist staff to set out a series of recommendations to help charities to demonstrate their positive impact and become more resilient and transparent.
Running a small business
- Thought leadership report
- Jul 2016
- PDF (440kb)
Audit insights: small businesses highlight opportunities and pitfalls in running a small business. It advises SMEs to plan realistically; build digital skills to match growth aspirations; anticipate cash collection delays; and develop mental agility.
Manufacturing: a roller-coaster sector
- Thought leadership report
- Jul 2013
- PDF (654kb)
Audit insights: manufacturing highlights four burning issues: the highly cyclical nature of the sector; funding requirements; attracting, retaining and rewarding people; and management information and IT systems.
Retail
Implementing leasing standards (IFRS 16)
- Thought leadership report
- Mar 2017
This report, Audit insights retails - are you ready for a radical change, helps retailers and external users of accounts to understand some of the important issues that need to be addressed as the standard is implemented.
Like-for-like retail sales is not the only story
- Thought leadership report
- Jan 2016
- PDF (295kb)
Retailers’ profit margins are addressed in this Audit insights: retail report as we focus on three key impact areas: changing business models; the living wage; and the volatility of foreign exchanges.